We are near the end of 2020 and getting ready for 2021 – hopefully a new and better year for all who call the Inland Empire home!
What remains important is the continuing support of the nonprofit organizations serving our communities. COVID-19 has had devastating effects on the region, with some of the highest infection and death rates in the state. Now more than ever the nonprofits in our region need your gifts to provide housing, food, clothing, child care, and health and mental health services to those directly impacted by the COVID-19 crisis.
Unsure of what you can give? Here is a list of charitable gifts you can make now or in 2021 to either IECF to support our priority issues or to your favorite charity. Remember, depending on the type of gift you make and your financial and tax situation, you may be eligible for a charitable tax deduction for your gift this year and may be applied in 2021. Please check with your financial advisor.
- Cash (One of the simplest and most direct gifts you can make.)
- Publicly Traded Stocks/Bonds
- Real Estate
- Life Insurance (name charity as owner and irrevocable beneficiary)
- IRA Charitable Rollover Distribution
Many of these gifts are complex and are non-cash gifts and may not be right for every donor or nonprofit organization. Many nonprofits do not have the appropriate systems in place to accept many of these gifts. However, IECF can help.
In addition, for those of who are making last minute charitable gift decisions, please be aware of the following guidelines on making gifts given on or by December 31st:
- All on-line gifts made on or before 12/31/20 will count as 2020 gifts
- All gifts mailed to IECF’s office with a postmark on or before 12/31/2020 will count as 2020 gifts
- All gifts brought to the office on or before 12/31/2020 will count as 2020 gifts
- Any stock gifts that transfer into our name on or before 12/31/20 will count as 2020 gifts
Also, following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, 2020, are now deductible, if you do not itemize on their tax returns filed in 2021. You will be allowed to take this special tax deduction to reduce your tax liability; it will lower both your adjusted gross income and taxable income – translating into tax savings for making a gift to a qualifying tax-exempt organizations.
Lastly, before making any gift, check with your attorney or financial advisor to make sure this is right for you.
If you have any questions about any of these gifts of other charitable giving options please call me our Charitable Giving Team at 951-241-7777.